The Technology Modernization Fund (TMF) announced a new investment today at the Department of Labor (DoL) totaling nearly $3.5 million that will help American employees find their lost retirement benefits and savings.
The award will enable the DoL Employee Benefits Security Administration (EBSA) to establish an online public “lost and found” registry, which will allow over 153 million workers, retirees, and their families to search for unclaimed retirement benefits.
The registry will be available for those who are covered by private employment retirement plans, group health plans, and other welfare benefit plans.
“One of the best parts of my job is to leverage the power of technology to make government interactions better for the American people – ??especially those most in need,” Clare Martorana, Federal CIO and chair of the TMF Board, said in a press release. “Our TMF investment in DOL will change the lives of people searching for unclaimed retirement benefits – those they’ve worked hard to earn and deserve to enjoy.”
The TMF, which is administered by the General Services Administration (GSA), was created in 2017 under the Modernizing Government Technology Act to provide money to Federal civilian agencies to undertake tech modernization projects. The fund in recent months has been spending down some of the $1 billion cash infusion it received from Congress in 2021.
The latest TMF funding for DoL comes after Congress enacted the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 in 2022, which requires DoL to establish the online “lost and found” registry.
The funding will allow EBSA to meet its congressional deadline to make the portal available to the public by Jan. 1, 2025.
Since 2021, EBSA has recovered over $4.2 billion for plan participants and beneficiaries who have unclaimed, lost, or forgotten retirement savings and benefits.
“Ensuring workers can obtain the benefits they are entitled to is one of EBSA’s most important missions,” said Lisa M. Gomez, assistant secretary for EBSA. “We are excited to have the opportunity to connect millions of America’s workers and other plan beneficiaries with their lost retirement benefits by putting this tool at their fingertips.”
“Technology Modernization Fund investments have positively impacted people around the world since the Fund’s inception more than six years ago,” added TMF Acting Executive Director Jessie Posilkin. “Our newest investment in the DoL is a great example of just how meaningful that impact can be. Americans should have an easy way to receive the retirement benefits they’re paid for and which can make a huge difference in the quality of life of those assisted by this project.”
